No. of Recommendations: 24
Warren gets criticized for not selling KO when it got to nosebleed valuations. Seems like he learned from that.
As has been discussed a few times, I am hesitant to use the current price of Apple stock as a decent proxy for its value when the multiples get high.
But in this case, I have a suspicion that the lightening of Apple isn't related to valuation levels, nor to a material downwards revision of Apple's long term earning power.
Instead, I think it is "Rule 1" related to China exposure: just plain too much of the portfolio at risk of permanent loss of capital if things go pear shaped. It's consistent with having ditched the BYD position.
Of course I'm just guessing. Maybe there will be a comment to give more colour.
Jim
